Overview
- Ariston agreed to buy 100% of Riello from Carrier for an enterprise value of €289 million, with closing targeted in the first half of 2026 and financing from internal resources.
- The transaction transfers about 1,150 employees and all key assets, including plants in Legnago and Volpago in Italy, Torun in Poland, Shanghai in China and Mississauga in Canada, plus R&D centers in Lecco and Angiari.
- Deal terms imply roughly 5x expected 2026 EBITDA with steady‑state synergies of about €25 million, while Riello projects 2025 revenue of around €400 million and adjusted EBITDA of €35 million.
- Reports say higher offers from Haier and Midea were outweighed by country‑risk concerns and the prospect of Italy’s Golden Power, with the government publicly welcoming Ariston’s agreement.
- Ariston outlined industrial continuity, a reshoring program and a €500 million Italy investment plan through 2028, as its shares rose about 3% in Milan and unions convened at MIMIT for transition talks.